This Week in Cryptocurrency: December 28, 2018
Until Next Year…
Every week can’t be a good week. After showing early signs of a rally over the middle/end of December, the market’s been tumbling since Christmas Eve. Since reaching a weekly high of about $146.5B on Monday, the total market cap has dropped 17 percent and currently rests at just over $121.5B.
Several altcoins took a hammering this week including Bitcoin Cash (-26.61%), Bitcoin SV (-27.88%), Dash (-14.83%), and EOS (-12.40%). Ethereum Classic (6.20%) and Decred (11.66%) were part of a handful of coins posting positive movements. Let’s check in on our top three coins:
Bitcoin shed 9.15% off its price, narrowing in on $3,600.
XRP fell by 6.76%, now sporting a $0.345 price tag.
Ethereum is this week’s winner. The crypto bucked its falling trend actually rising 2.86% over the last seven days. It’s not much, but with the rest of the market in red, it signifies a respectable week.
Litecoin Enters the Ring: This Saturday, Litecoin will be featured front and center at the UFC light heavyweight fight between Jon Jones and Alexander Gustafsson. This event marks the first occurrence of an official cryptocurrency partner for the UFC.
The fight should reach millions of viewers which, in turn, means that over a million sets of eyeballs should take notice of Litecoin as well. Reading through the Litecoin Foundation’s statement on the matter, it looks as if this awareness campaign will be the first step in a more in-depth partnership with the MMA organization.
Excited to announce that the Litecoin logo will be on the canvas as the Official Cryptocurrency Partner of @UFC 232 on 12/29 in Inglewood CA! Read more: https://t.co/y4yvPWb6rj pic.twitter.com/ddML54j5GH
— Charlie Lee [LTC⚡] (@SatoshiLite) December 26, 2018
DoD Considers Blockchain for Disaster Relief: The Defense Logistics Agency (DLA), a subset of the U.S. Department of Defense (DoD), released a statement last Friday explaining the agency’s interest in utilizing blockchain technology for disaster relief. Members of the DLA discussed the topic during a two-day presentation hosted by the Continuous Process Improvement (CPI) office earlier in the month.
They cite several potential uses for the new technology “such as transaction processing and in-transit visibility of shipments to evaluate the process improvements.” Although the DLA hasn’t implemented any blockchain solutions yet, those actions appear to be on the horizon. CPI management analyst Elijah Londo emphasized, “[We’re] getting as smart as we can about what it is, what industry is saying about it, what the future might look like, how it applies to supply chains and how other industries are using it. We’re doing our due diligence.”
Supply Chain Quality Management – The Future of Commerce: Logistics can be a complex nightmare, but blockchain is here to help.
Trade Crypto as a Business via Trader Status: Trading as a business through the IRS’s trader status has some nice tax implications. Here’s how to take advantage of it.
Down 80 Percent, Is It Time to Buy into the Bitcoin Dip?: The market has taken a beating this year. However, it may be signaling the perfect time to buy.
Why Did the Crypto Market Crash?: FUD, whales, an inevitable bubble? What really caused the market to crash?
A Look into the UPS Blockchain: UPS and blockchain – it just makes sense.
Storing Documents on the Blockchain: Why, How, and Where: After money transfers, data storage was one of the earliest blockchain use-cases. Learn all about it.
What Is Dropil Coin (DROP)? | Automation Tools for Crypto: Everything you need to know about the crypto automation platform.
How to Buy Zcash (ZEC) | A Beginner’s Guide: It’s about time you learn how to get your hands on some Zcash.
2019’s Top Distributed Application Use Cases and Projects: 2018 saw plenty of new blockchain applications, but it’s nothing in comparison to what 2019 has in store.
What Is a Blockchain Transaction Anyway?: We break down the nitty-gritty of arguably the most important blockchain feature.
Bitcoin Mining Company Bitmain Faces IPO Regulatory Issues: After what appeared to have been a promising IPO filing, it now looks like Bitmain may have bitten off more than it can chew.
Allianz CEO Calls for Bitcoin Banning, Here’s Why That Won’t Happen: When will people understand? You. Can’t. Ban. Bitcoin.
Facebook Targets Indian Money Transfer Market Using Crypto: Facebook’s next step on the path to world domination – Indian remittances.
What is Bitwage? Jobs and Crypto Payments for Remote Workers: Get paid in cryptocurrency? Sign us up!
Does Bitcoin Have a Future?: Oh, magic eight-ball. Please answer, “Yes!”
A Big Picture Analysis of Crypto Cycles and Key Levels: Sometimes you need to look at the big picture to truly get a feel for the market.
Pump and Dump Groups | Navigating the Crypto Waters: In the open seas of cryptocurrency, pump-and-dump groups are the pirates. Not the fun kind, either.
What Is Odyssey Coin (OCN)? | A Beginner’s Guide: A guide to decentralized sharing economy looking to compete with Airbnb and Uber.
Bitcoin’s Bear Markets: A Guide to Bitcoin’s Crashes and Comebacks: We get knocked down. But we get up again. Never gonna keep us down!
Crypto on Path to Legalization in India: As it stands currently, possessing cryptocurrency in India could land you behind bars. However, according to a report by The New Indian Express, this may change soon. A senior official told the paper that a government committee has met twice to discuss the legality of digital currency, coming to a different conclusion than they have previously.
“There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalised with strong riders. Deliberations are on. We will have more clarity soon,” the official stated. It’s been over a year since the Indian government declared cryptocurrency illegal. We may finally see that decision reversed after the next committee meeting in January 2019.
Taiwanese Man Steals Electricity Worth Millions: A man with the surname Yang was arrested this week in Thailand on accusations that he stole over three million dollars worth of electricity to mine over $14 million dollars of cryptocurrency. Yang allegedly opened 17 storefronts, disguising them as doll shops and Internet cafes, for the purpose of circumventing power meters to mine cryptocurrency for free.
Yang used his illegal mining operations to obtain Bitcoin and Ethereum.
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ABOUT THE AUTHOR
ABOUT THE AUTHOR
Based in Austin, TX, Steven is the Executive Editor at CoinCentral. He’s interviewed industry heavyweights such as Wanchain President Dustin Byington, TechCrunch Editor-in-Chief Josh Constine, IOST CEO Jimmy Zhong, Celsius Network CEO Alex Mashinsky, and ICON co-founder Min Kim among others. Outside of his role at CoinCentral, Steven is a co-founder and CEO of Coin Clear, a mobile app that automates cryptocurrency investments. You can follow him on Twitter @TheRealBucci to read his “clever insights on the crypto industry.” His words, not ours.